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Virtual currencies and Blockchain technology

Virtual currencies have been in the limelight in recent years due to the sharp rise in prices. In particular, the degree of attention in Japan is high, and it can be said that it is outstanding among the major developed countries and Asia. One of the reasons for this is that the media prices have…

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Virtual currencies have been in the limelight in recent years due to the sharp rise in prices. In particular, the degree of attention in Japan is high, and it can be said that it is outstanding among the major developed countries and Asia.

One of the reasons for this is that the media prices have been widely reported due to the sharp price increase from the latter half of 2017 to the beginning of 2018. Due to this soaring price of virtual currency, it has become recognized by people who have never been interested in it.

Although Japan is very interested in virtual currencies like this, what is the Japanese ownership rate of virtual currencies? Therefore, we will focus on the holding rate and introduce it while comparing the Japanese virtual currency holding rate with other countries.

In addition, we will also tell you how to open an account and how to purchase virtual currency.

It is a currency that can be used as a means of payment, such as legal currencies such as banknotes and currency issued by the central government and central banks, and electronic money such as electronic money.

Cryptocurrencies in https://bitcoinsystem.app do not need to be relayed through banks, which is time consuming and costly when transferring money, unlike fiat currency. For example, in the case of Bitcoin (BTC), which is a typical virtual currency, you can send money to the world at low cost and speedily by going through an authentication procedure called mining.

Virtual currencies are bought and sold on the market every day not only for practical purposes, but also for investment targets such as stocks and foreign exchange transactions. You can also purchase other virtual currencies with legal currency such as Japanese yen, US dollar, euro and various virtual currencies you have, or sell the virtual currency you purchased and make it into legal currency or other virtual currency.

Blockchain technology

Major virtual currencies are supported by a technology base called blockchain, which protects currencies from tampering and ensures transaction safety.

All transaction data such as sales and remittances are stored as blocks on this blockchain and shared among users. By being shared, all users can monitor it, and there is a mechanism to prevent fraud by malicious persons.

Decentralized

The virtual currency is supposed to be used as an alternative to legal currency such as Bitcoin (BTC), and there is a “decentralized” currency that is independent from the country and central banks.

It is expected to play a role as a unique currency that is unlikely to be affected by the politics and economy of the country, and is unlikely to be affected by the financial crisis or the national financial failure. This type of property can be a great advantage in countries with poor economic power, where political unrest and inflation frequently occur.

The currency of such a country has a poor monetary value and the fluctuation of the currency level is very large. Because the value of the home currency is not stable, the role of the virtual currency will become important as a means of payment to protect one’s own assets and as an alternative to the home currency.

What is the virtual currency holding ratio of the Japanese in the world?

According to the survey results released on May 9, 2018 by “Dalia Research”, a global data research company in Berlin, Germany has a virtual currency holding of 7% of the average of the surveyed countries. The rate was found to be the highest at 11%.

This survey was conducted via the Internet for 29,000 people in eight countries with large virtual currency markets. In addition to country-specific cryptocurrency holding rates, awareness, understanding, and willingness to purchase in the future were also investigated.

Regarding the ownership rate, Japan has the highest ownership rate among the surveyed countries, exceeding the respective 9% in the advanced financial nations of the United States and the United Kingdom. The breakdown of the eight countries surveyed is Japan, the United States, United Kingdom, Denmark, India, China, South Korea, and Brazil.

Japan is second only to South Korea with 83% and 87% of recognition for virtual currencies, and 61% with understanding level.

Source: https://cryptoverze.com/virtual-currencies-and-blockchain-technology/

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Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public

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Cameron and Tyler Winklevoss are reportedly exploring the option of making their cryptocurrency exchange Gemini public. The brothers could follow the steps of other US-based digital asset-related companies with similar intentions, such as Coinbase and Bakkt.

Gemini To Go Public?

Bloomberg reported today that the founders of the US-based crypto exchange Gemini are open to the idea of going public.

“We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” – said Cameron.

Gemini, based in New York City, employs over 350 people. The exchange obtained a trust charter from the New York State Department of Financial Services shortly after its establishment and is licensed as a money transmitter in multiple US states.

Making a company public has been a hot topic within the cryptocurrency industry lately. Firstly, the largest US exchange Coinbase announced such plans with an estimated value of nearly $30 billion.

More recently, Bakkt, the Bitcoin futures trading platform owned by the Intercontinental Exchange, stated similar plans after a merger with a special acquisition company. Bakkt’s estimated enterprise value is at approximately $2.1 billion.

Gemini Releases A Credit Card With Crypto Rewards

The exchange also announced that it will launch a credit card that will provide users with cryptocurrency rewards. Dubbed Gemini Credit Card, it will enable up to 3% back in bitcoin and other digital assets. The rewards will be automatically deposited into the cardholder’s Gemini account.

The card comes after Gemini acquired Blockrize – a company specializing in building such products. The distribution will start later in the year, and the statement informed that there’s already a substantial waitlist with over 10,000 people requesting early access.

The card will work like traditional ones and will be available to US residents in every state while also accepted in merchants that accept regular cards.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We are excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.” – commented Tyler Winklevoss.

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Source: https://cryptopotato.com/following-coinbase-and-bakkt-winklevoss-gemini-reportedly-considers-going-public/

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FinCEN Extends Comment Window on Proposed Crypto Regulations

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With the initial deadline for comments long expired, FinCEN has decided to extend the comment period for its proposed controversial crypto regulation for an additional 15 days.

FinCen Sets New Deadline

The Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). FinCEN’s earlier deadline was set on January 4, 2021.

Following the different requests for extension, it appears that FinCEN would not be hasty to implement the proposed regulation. The extension is beneficial for the industry, as affected entities can have time to analyze the proposal. Since the initial comment period, the bureau has received thousands of comments and is ready to receive more feedback.

An excerpt from the press release reads:

“FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000[…] that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days for comments on the proposed requirements that banks and MSBs report certain information regarding counterparties to transactions by their hosted wallet customers, and on the proposed recordkeeping requirements.”

The Proposed Regulations

FinCEN’s proposed crypto regulation required that cryptocurrency exchanges would keep records and verify “the identity of their customers if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.” Also, exchanges are expected to submit to FinCEN transactions that exceed $10,000.

However, the proposal saw pushback from the crypto community, with many saying that the rule was harmful to the industry. Companies like Jack Dorsey’s Square and Andreessen Horowitz opposed the rules, with Square noting that it could create unnecessary friction between crypto users and regulated entities.

Other comments noted that the original 15-days comment period was too short. As reported by CryptoPotato, days after FinCEN released its planned regulatory policy, U.S. crypto exchange Coinbase asked for an extension of the comment period.

According to Coinbase, the comment time frame was rushed and asked the bureau to instead consider a 60-day time frame. Also calling for an extension was a U.S. Senator and several members of Congress. The lawmakers also asked for an extension between 15-60 days to give concerned parties time to evaluate the proposed rule.

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Source: https://cryptopotato.com/fincen-extends-comment-window-on-proposed-crypto-regulations/

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Bulgarian Crypto Exchange Owner Sentenced To 10 Years in Prison for Laundering $5 Million

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A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.

An Auction Fraud That Victimized over 900 Americans

According to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor.

He managed and promoted the so-called RG Coins – a cryptocurrency exchange headquartered in Sofia, Bulgaria. Now, the US court has sentenced him for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense plus a conspiracy to commit money laundering.

During the crime, Iossifov and his Romanian co-conspirators, part of the Alexandria Online Auction Fraud (AOAF) Network, engaged a large-scale online fraud. They organized a false auction that victimized at least 900 Americans during its course.

As CryptoPotato reported, Iossifov was officially charged with participating and dictating the international fraud a few months ago. 

Providing Favorable Crypto Exchange Rates To Victims

According to initial court documents, the scammers made everything seem legit, providing invoices with trademarks of reputable firms to their victims.

One of the primary ways to lure people into the scam was that the conspirators designed their scheme to cater to criminal enterprises by providing better exchange rates to the AOAF Network members.

The Romania-based fraudsters posted false advertisements to popularize online auctions for expensive goods and vehicles that did not exist. They had also established call centers to offer customer support to advise client questions and “alleviate concerns over the advertisements.”

When convinced, victims had to fulfill a payment. Domestic associates of the criminals would accept the money, convert them into cryptocurrency, and transfer them to foreign-based money launderers. As per the announcement, Iossifov was the final gear that facilitated the last stage of the scheme.

Some of the trial’s evidence revealed that, in less than three years, Iossifov had laundered nearly $5 million in cryptocurrency for just four of his partners.

“This represented over $7 million in funds defrauded from American victims. In return, Iossifov made over $184,000 in proceeds from these transactions”, read the official court publication.

Apart from Iossifov and the five co-operators, so far, 17 more members of the Romanian crime network will face court for their role in this scheme. Seven others have already faced sentences with verdicts between 30 to 96 months. Three of the members of the scam are fugitives.

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Source: https://cryptopotato.com/bulgarian-crypto-exchange-owner-sentenced-to-10-years-in-prison-for-laundering-5-million/

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